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16 August, 2019 00:00 00 AM
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US manufacturing sinks in July, dragging down total output

AFP, Washington

US manufacturing continued its steady decline in July amid the ongoing trade war with China and slowing global economy, while the hurricane-hit oil sector also helped drag down total output, the Federal Reserve said yesterday.

Production fell across the board in US manufacturing, with only rare bright spots, dropping 0.4 per cent compared to June. The sector has fallen in four of the last six months and is down 1.5 per cent so far this year, according to the data.

Total industrial production fell 0.2 per cent, erasing the gain in June, and defying analysts who had expected a slight uptick, according to the report.

Output also was pulled down by the 1.8 per cent drop in mining after Hurricane Barry "caused a sharp but temporary decline in oil extraction in the Gulf of Mexico," the Fed said.

The volatile utilities sector jumped 3.1 per cent last month as summer heat increased the need for air conditioning, nearly offsetting the sharp drop in June.

Overall output is still 0.5 per cent higher that a year ago but manufacturing has seen two quarters of contraction, meaning the sector is in recession.

The only sizable increase in manufacturing was in aerospace and miscellaneous transportation equipment.

Industrial capacity in use retreated again, falling back to 77.5 per cent, far below the long-run average, the report said.

 

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Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
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Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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